The Latest Bucks County Real Estate Information

The latest numbers are in for Bucks County real estate. Here’s what they mean for you.

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I’m excited to share some of the latest statistics from the Bucks County real estate market. These numbers are based on what happened through the end of October. We track about 20 different individual markets throughout the county, but seeing the numbers in Bucks County as a whole is the best way to find out what’s actually going on.

We’re continuing to see low inventory. Lower than we’ve seen in years. At the same time, homes are still selling quickly. Our absorption rate is down from 6.2 months at this time last year to 5.2 months currently.

There are 13% fewer homes on the market now than there were last year. That means we currently have 3,189 homes on the market. This rise in demand has coincided with a rise in appreciation. The 5% appreciation we’ve seen in the past year is the most significant rise we’ve seen in any year since the market downturn in 2008 and 2009.

We are now in a seller’s market.

The continued market activity is driving demand and putting us in this seller’s market where homes are selling, on average, eight days faster than they did last year.

We’re continuing to see a strong market here in Bucks County. The average asking price discount of 4% is the lowest I’ve seen in quite some time. We’re also still seeing multiple offer situations from time to time. Certain homes can still sell for over asking price.

Once we get through the end of the year, we’ll have some more specific market data for you. Until then, give me a call or send me an email if you have any questions about your specific market and I’ll be able to get right back to you. I look forward to hearing from you soon.

What’s Going on in the Real Estate World of Bucks County?

The real estate world of Bucks County has been very interesting. Today, we compare the countywide market figures to some of the individual markets within the county.

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It’s an interesting year in the real estate world of Bucks County. The number of homes for sale is down 14% at the end of the third quarter compared to last year. That’s a pretty significant change in terms of how many houses there are on the market.

We’ve seen more significant price appreciation throughout the county this year than we have in any year since the real estate decline of 2007 to 2009. The average price of a house sold in Bucks County has increased 4.5%.

The other dynamic that’s interesting is that we’ve actually seen fewer homes on the market, and the number of transactions closed is actually higher—about 3.2% more homes settled. To put that in perspective, that number represents about 5,644 houses that have actually closed in the county.

The average days on market is 58 days. This is a countywide figure, and some of the individual markets within Bucks County were a little bit different.

What’s going on in Lower Makefield Township compared with the county? Well, the inventory level in the township is actually down over 24%, which is a really significant decrease in the number of houses that are on the market. The average sale price as of the end of the third quarter is up 5.8%, a little more than what we see in the countywide figure.

We’ve seen more significant price appreciation throughout the county this year than we have in any year since the real estate decline of 2007 to 2009.

The big takeaway for Lower Makefield is that there’s only 4.9 months of inventory on the market right now. We consider the market to be balanced when there are only six months of inventory, so it means it’s a seller’s market if you’re looking for a house in Lower Makefield.

The difference between the days on market for Newtown Township and the countywide figure is really pronounced. Believe it or not, the inventory is down 40% compared to this time last year. There were 112 houses on the market in Newtown last year, and this year there were 67.

There’s only a 2.9-month supply of inventory, which wouldn’t indicate that the dynamics are favoring sellers.

Another interesting dynamic in Newtown is the average sold price as of the end of the third quarter is only up about 1.2%.

The average days on market is 39 days.

For Upper Makefield, the dynamic is similar but skewed by the number of houses that are on the market for over $1 million. Inventory is down about 7%. However, there’s about a 10.7-month supply of inventory due to the number of high-priced homes there. In fact, there’s an almost 19-month backlog of inventory specifically for houses priced over a million dollars.

The takeaway is pretty similar to what we’ve seen through the year: low inventory with prices somewhat appreciating at a level we haven’t seen in awhile. It can be challenging for buyers, but anecdotally, I would say I’ve seen activity drop over the past several weeks with my listings. It will be interesting to see how that plays out statistically.

If you have questions, shoot me a text or an email. I’d be happy to speak with you.

Post-Spring Market Update for Bucks County

The spring feeding frenzy market seems to have wrapped up here in Bucks County market, so I wanted to stop by with an update.

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We're past the frenetic pace of the early spring market here in Bucks County, but the market is still going strong.

You've probably heard of the drastic shortage of housing due to inventory being down almost 17% compared to this time last year. The number of homes pending (sold and waiting for settlement) is generally a good indication of the market's activity, and it's up about 9% county-wide compared to last year. The number of homes sales that have closed this year is also 10% higher than last year.

It's clear that market conditions favor sellers in Bucks County right now.

When you combine increased closings and pending sales with decreased inventory, you can clearly see why conditions are more favorable for sellers than buyers. A balanced market has about six months worth of inventory, and most of the markets we track show inventory levels below six months, which also indicates a seller advantage.

When looking at the market, though, you have to look at the smaller individual markets because they don't always perform the same as the county as a whole.

Lower Makefield Township is a good example of this. At the end of the first quarter, inventory was almost identical to what it was last year, but the days on market has shrunk and homes are now receiving multiple offers.

If you're looking to buy a home in this market, you need a use a strategy to help make it as strong as possible. If you have any questions about buying or selling a home here in the Bucks County area, don't hesitate to give me a call or send me an email. I'd be happy to help.

What’s Happening in Our Real Estate Market?

With the spring market in full swing, I thought now would be a good time to give you a quick look at how our market changed in 2016. 

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The Super Bowl is over and the spring real estate market is in full swing! I thought now would be a good time to give you a recap of our numbers from 2016 and talk a little bit about what’s happening in 2017.

Throughout Bucks County, almost all of the 20 individual markets we track had fewer houses on the market at the end of 2016 when compared with 2015. Countywide, inventory was down about 18% and market asking price was up 8%. Closings were up about 5% throughout the county, but the average sold price in Bucks County was only 0.3% higher than in 2015.

The average price of a single-family house went from $341,000 to $343,000 in all of Bucks County. Interestingly in the individual markets, specifically Lower Makefield Township, there were more houses on the market at the end of 2016 than there were at the end of 2015. However, there are only 5.2 months of inventory, so the market is still balanced with a slight favor toward sellers.

If you’re thinking about selling, I would recommend getting in early on the spring market.

In Newtown Township, inventory is down about 5% compared to 2015 and months of inventory is at three months, which strongly favors sellers.

In Upper Makefield, inventory is at 10 months, but that is skewed because of the high number of really expensive houses that take much longer to sell.

In all the markets that we track, the average price of a home sold was relatively flat. The lack of inventory so far has not really resulted in sharply increased prices.

If you are considering selling your home, give me a call or send me an email and we can talk about getting your home listed earlier in the spring market. Let me know if you have any other questions as well. I look forward to hearing from you!

Bucks County Real Estate Market Update

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The first six months of 2016 have been very interesting for the real estate market. Today we’re here with the latest numbers through the end of June.

For Bucks County as a whole, the number of homes on the market is down 14%, which is pretty significant considering how low inventory was at this time last year. The average asking price is up 8% year over year. However, the average sold price has been very flat; in fact, it has dropped by 1%.

Of course, that is across Bucks County. In Lower Makefield, inventory is only down by 2%. The average list price is up by 3% and the average sold price remains flat. Lower Makefield also has about 6.8 months of inventory available. If an area has six months of home inventory, it is considered a balanced market. Right now, neither buyers nor sellers have the advantage in Lower Makefield. 

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Certain price points are seeing more demand than others.

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Newtown has five months of inventory, which means the market slightly favors sellers at this point. You should know that, while these stats show continued levels of high activity and reduced inventory, the activity level at certain price points can be different than what we see in the market overall.

For example, in Lower Makefield, homes priced between $600,000 and $700,000 face a lot of competition, as that price range has a lot of inventory. On the other hand, I recently listed a single-family home at $350,000. In three days we had three appointments and four offers. One of those offers was over asking price. The seller wound up going with a different offer, though - another buyer was putting 75% down, which made the seller more comfortable. As you can see, different price points are experiencing different levels of demand.

If you have any questions about the market in your area or about real estate in general, give me a call or send me an email. I would be happy to help you!

Is Now the Time to Sell in Bucks County?

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People ask me all the time if now is a good time to sell a house in Bucks County. Most people feel that the spring market that we’re in right now is the best time to sell, and it well may be.

We’re seeing some interesting dynamics this spring. The number of houses on the market has continued to drop. There were 10% fewer houses on the market this April as compared to April last year. That certainly favors sellers. Whether it’s a good time to sell or not depends on hyperlocal and specific dynamics, though.

Some specific areas have high inventory, but buyers are still complaining that options are low. It really depends on your local area. While it’s true that spring really is the busiest time of the year, whether it’s a particularly good time for you and your family really depends on supply and demand of the market and neighborhood.

If you’re interested in understanding what’s happening in your particular neighborhood, you can always give me a call or send me a text. I’d love to speak with you!

Should You Be Worried About the Bucks County Real Estate Market?

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Today, we’re looking at the latest Bucks County market update. There are some interesting dynamics going on in our local marketplace.

In 2015, we experienced the largest number of closed transactions since the market crashed in 2006. That’s incredible! Despite so many closings we’ve had countywide, we had 14 months of increasing inventory up until August 2015. In the past seven months, as of this past February, we’ve had seven months of reduced inventory. Clearly, there’s a lot of shifting activity going on.

We have about six months worth of inventory now. The average days on the market has decreased. We consider this a balanced market between buyers and sellers.
 
However, last year, appreciation throughout Bucks County was incredibly small at 1.4%. If you look at February, compared to this time last year, we’re experiencing .4% appreciation. Additionally, prices are up by 4% comparatively, but it doesn’t appear that sellers are getting the prices they’re asking for. It’s an interesting statistical analysis.

As a local Realtor, I focus on properly priced homes and selling them quickly. If homes are priced correctly, they’re selling and thriving in the marketplace. As we approach the springtime market, we’ll start to see the market conditions change.

If you’re thinking about buying or selling in the surrounding Bucks County area, give me a call or send me an email today! I’d be happy to serve your local real estate needs.

Recent Trends in Bucks County Real Estate

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It's been an interesting and busy year in Bucks County real estate! The third quarter saw 13% more homes settled than this time last year. Through the end of October, we saw 5,763 homes settled, which is 653 more homes than last year. The average sold price rose by 1.4%, and the number of days on market is almost exactly the same, at 77 days. We also saw a 7.5% increase in the number of pending home sales.

This year, Bucks County had 14 consecutive months of increasing inventory. Since August, we've seen inventory decrease by 5%. That means fewer homes on the market. Less competition means good news for sellers. Our absorption rate went from 9.1 months to 7.7 months right now. A balanced market is 6 months of inventory, and Bucks County is getting closer to a balanced market.
 

In the Lower Makefield township, there were 9% fewer homes on the market in October 2015 compared to October 2014. Last year, there were 225 homes on the market, and this year there were 205. That said, the pace of sales is up significantly. We have sold 355 homes through the third quarter, which is more than the 302 sold in 2014. Lower Makefield has 6 months of inventory. 

In Newtown, inventory decreased 11% year to year. Sales pace is almost the same as last year, and there is a 5 month supply of inventory. In Upper Makefield, inventory is down 6% and sales are up 19.6%.

As you can see, the market changes from area to area, and even neighborhood to neighborhood. If you have any questions, give us a call or send us an email. We look forward to hearing from you!

An Inside Look at the Bucks County Real Estate Market

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Today I'd like to bring you a real estate market update for our area. Whether you're buying or selling, this should be a big help to you.

We're seeing 16% more houses going to closing through July this year than what we saw last year. The average sale price rose by 1.4% despite national claims that we would see a ton of appreciation. Our average days on market rose by one single day, and now sits at 78 days.

Pending sales did rise by 19.5%, which is a good sign. However, inventory levels have been rising for 14 consecutive months. Our current absorption rate is 8.5 months, so we're starting to see the number of homes on the market begin to decrease.

When inventory decreases and activity climbs, this will create a steady seller's market. However, real estate is extremely local, so be sure to check with me before you buy or sell in your neighborhood. Conditions can swing wildly from one street to the next.

If you need any assistance when you're buying or selling in Bucks County, please don't hesitate to contact me. I look forward to speaking with you!

Everything You Should Know About Bucks County Real Estate

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Today I want to bring you updated information on how the markets in Yardley and Newtown are performing. I want to do this because I recently read an article in the Wall Street Journal about how hot the real estate market is. 

However, I want you to know that the market in Bucks County is not performing as strongly as we wish it could. Compared to last year, inventory levels have been increasing every single month. In our current month, we're seeing a rise in inventory of about 7%. 

The number of closed transactions has also increased by 12% from last year. In Lower Makefield, transactions are up by nearly 40%! 

So, more homes have been coming on the market and more homes have been selling, but prices have stayed rather flat. 

I mention all the time that real estate is hyper-local, so every neighborhood is different. The one thing that I can tell you is that homes that are priced correctly are selling quickly. 

As always, if you need help buying or selling in Bucks County, please don't hesitate to contact me. I have the resources and experience to get your home sold for top dollar!

Where's the Bucks County Market Heading?

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Today, we're going to compare the numbers from March of this year to March of 2014 here in Bucks County!

The number of homes on the market rose 9% when compared to this same time last year and the average asking price is 2.5% higher than it was last year. Additionally, the number of houses on the market that have accepted an offer increased by 23.5%!

This March, 6.7% more homes closed (compared to last March), and the average sold price is up 5.6% countywide! The fact that prices are up and the number of homes settled is 10% higher than the first quarter of last year is fantastic news for our market!

Inventory is growing and market conditions are fantastic here in Bucks County! If you need real estate assistance of any kind, or if you have any questions, give us a call or shoot us an email. We would love to help you take advantage of these fantastic conditions!  

Are You Making the Right Home Repairs?

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I'm very happy that a lot of you requested the 450 Ways to Get Your Home Sold Quickly document, and today I'm going to carry on with a similar topic. Today I have a cost vs. value report, which will aid you when you're making repairs to your home. Essentially, it will tell you what repairs bring big returns and which will net you less money back when you go to sell your home.

This report analyzes all sorts of repairs, from the Philadelphia area to more national numbers. I find this interesting because people often think that bathroom and kitchen remodels net you the highest returns, but this report says that bathroom remodels will only net you a 54% return on investment (ROI) and a roof replacement gets you about a 57% ROI.

The greatest repair they found to get you your money back was actually replacing the front door with a fiberglass door. It's important to note that these analyses are geared towards normal houses, and not investment properties that you're trying to sell. 

What all this means is that you have to be careful about where you invest your money when you're remodeling your home. Some people spend $60,000 on a kitchen and expect to get at least $80,000 out of it, but that's simply not the case. Before you go and do a major remodel, I suggest that you speak with me, so we can discuss this report together.

If you're interested in receiving a free copy of this report, please don't hesitate to contact me, and if you need assistance with Bucks County real estate, let me be your #1 resource!

450 Ways to Get Your Bucks County Home Sold Faster!

There are many great Bucks County area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (215) 519-1399 for a FREE home buying or selling consultation to answer any of your real estate questions.

 
We're having some unusually cold weather here in Bucks County right now, but we promise spring is right around the corner! 

In the world of real estate, we see the spring market as starting right after the super bowl, so we are currently in the early stages of the busiest time of year to buy and sell real estate. We've talked to a lot of people who are getting ready to put their homes on the market, so we thought we would share our 450 Ideas to Get Your Home Sold Faster! It's a 50-page guide we put together to help homeowners through the selling process. 

Virtually every aspect of getting your home prepared for selling is included in the packet. The exterior, garage, bedrooms, bathrooms, basement, entryway, hallways - you name it - everything is covered. It also comes with staging advice and helpful websites to consult. Our clients have found this to be a very useful tool to help ensure their house looks the best it possibly can. Many of these strategies are simple and inexpensive, but can help you sell your home faster and for more money. 

If you would like a copy of this handy tool, feel free to email us at Marty@MartinMillner.com or text/call us at (215) 519-1399! There's no obligation at all, we just want to help you make the most of your home sale! 

Thanks, and have a great day!